All in 5 months since September last year↑
Achieved 40% ↑ $4 billion in exports
New car effect, etc. Domestic demand 18.4%↑
Eco-friendly car exports are the highest ever
The Korean automobile industry achieved a’triple double-digit increase’ in the fields of production, domestic consumption, and export in 5 months.
According to the’Monthly Trends of the Automobile Industry in January’ released by the Ministry of Trade, Industry and Energy on the 15th, automobile production in the past month increased by 24.9%, domestic demand by 18.4%, and export by 29.5% compared to the same month last year.
Production, domestic demand, and exports all grew in five months since September last year.
Automobile exports recorded a total of 192,322 units thanks to the gradual recovery of global automobile demand following the resumption of economic activities in major markets such as the US and Europe. The increase in the number of business days by 2 days also affected.
By region, most markets except the Middle East (-24.9%) such as North America (40.2%), European Union (EU 71.7%), Eastern Europe (54.9%), Oceania (64.8%) and Asia (42.0%) showed growth. .
By car type, exports increased from all car types except light cars. In particular, the number of SUVs exported increased by 37.7% and the share of total exports increased by 3.7%p to 71.7%.
As the export unit price rose due to the high added value of export items, the export amount increased (40.2%) more than the number of exports (29.5%), reaching 4 billion dollars. The growth rate of this export amount is the highest since September 2017.
An official from the Ministry of Industry explained, “As exports of Palisade increased by 75.2% and exports of the Santa Fe hybrid and GV80 began in earnest, high added value of export items was achieved.”
Domestic sales of automobiles in January were totaled 13,692 units. The effect of new cars such as Granger, Tucson, and Carnival continued, followed by an extension of the individual consumption tax cut by 30% and an increase in the number of business days by 2 days, increasing 18.4% year-on-year.
Domestic cars occupied all of the top 5 most-selling vehicles, starting with Granger.
The automobile production recorded 314,000,190 units, 24.9% higher, due to the normalization of production through the conclusion of a collective bargaining agreement and the increase in supply due to strong demand, such as increased domestic demand and exports. This growth rate is the highest since October 2018.
In the case of eco-friendly cars, domestic sales were 17,992 units, up 126.4% compared to the same period last year, and growth for 12 consecutive months.
Exports reached 32,35 units, a 76.5% increase, and exports reached a record high of $900 million. The share of all exports is about 25%.
Domestic sales of electric vehicles decreased by 50.6%, but exports increased by 57.7%.
Auto parts exports increased by 3.9% to $1.81 billion due to the strong SUVs in the North American market, maintaining an increase for the third consecutive month. Reporter Kim Ji-eun
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